The central bank governor projects cooling the red-hot inflation, which has hovered above 9 percent since March last year, to 7 percent by June next year.
The Asian Development Bank (ADB) has become the first among multilateral and bilateral lenders to respond to the interim government's call for budgetary support, approving $600 million aimed at easing pressure on foreign exchange reserves and accelerating economic recovery.
Bangladesh’s national budget for fiscal year 2024-25 is likely to be reduced by more than Tk 50,000 crore, with the entire cut expected to be made in funds meant for the annual development programme (ADP).
Bangladesh, mired in data fog, has “sleepwalked” into the middle-income trap according to the white paper on the state of the country’s economy.
Distressed assets in the banking sector have reached a whooping Tk 6,75,030 crore, an amount bigger than the cost of building 22 bridges across the Padma or 13.5 metro rail systems in Dhaka, according to a White Paper released yesterday.
Despite rising interest rates on deposits and various efforts by the central bank, Bangladesh’s banking sector continues to face a liquidity crisis that has hamstrung some lenders.
Moody’s has downgraded Bangladesh’s banking sector to “very weak” from “weak”, citing worsening client confidence, limited transparency and inadequate financial safeguards over the past year.
When most non-bank financial institutions (NBFIs) in Bangladesh are in hot water with high ratios of non-performing loan (NPL), a handful have been successfully able to keep the rate low.
The interim government is going to formulate a specific roadmap to recover funds of the Bangladesh Climate Change Trust (BCCT), amounting to Tk 873.82 crore, that have been held up in Padma Bank since 2016.
Twelve non-bank financial institutions (NBFIs) out of a total 35 are holding nearly 73.5 percent of the sector’s bad loans, according to Bangladesh Bank data, reflecting a precarious situation at those entities.
The International Monetary Fund (IMF) is sending a team within the first week of December to review whether Bangladesh qualifies for the fourth tranche of a $4.7 billion loan programme.
In the competitive local banking landscape, Mutual Trust Bank PLC (MTB) differentiates itself by offering trust to its customers, says Syed Mahbubur Rahman, managing director and chief executive officer (CEO) of the bank.
The central bank raised the key policy rate by 50 basis points to 10 percent yesterday, making borrowing costlier for the 11th consecutive time to tame inflation as spiralling prices remain a headache for the interim government.
The volume of cash outside the banking sector of Bangladesh has been increasing since the start of the year due to persistent inflation, the loss of consumer confidence in the sector due to the presence of ailing lenders, and the prevailing situation following the recent political changeover.
Amid a persistent liquidity crunch, some lenders are desperately trying to increase their deposit base by offering higher interest rates to attract customers.
Bangladesh’s migrant workers sent home Tk 1,101.8 crore in remittances through mobile financial service (MFS) providers in August, marking the highest monthly receipts through digital channels in the past five years.
Transactions through debit, credit and prepaid cards dipped to a 27-month low in August this year, owing to a lack of cash in ATM booths amidst security concerns and people curtailing spending for political uncertainties..Overall transactions through the cards in August amounted to Tk 33,9
Two months ago, as Professor Muhammad Yunus waded into Bangladesh’s unprecedented political turmoil, he inherited economic chaos by default.
